Ford Australia posts $162m loss for 2015

Ford Australia posts $162m loss in 2015

FORD Australia has posted a $162 million run of red ink in its last full year as an Australian car manufacturer.

The Broadmeadows-based carmaker today filed its annual report for the 2015 financial year, revealing the costs of winding up its operations were still taking a toll on the company's bottom line. It compares with a $191 million loss posted in the 2014 financial year.

It means the carmaker has accumulated almost $1.5 billion in losses over the last decade.

Ford Australia's filings show it earned $2.76 billion from its sales in 2015, which was only $15 milion more than it earned in the 2014 calendar year. Government grants added $59.5 million to Ford's books.

However, the bottom-line cost of its sales grew significantly, rising $152 million to $2.31 billion for the year.

The other big loss weighing against the result was $300 million spent on research -- Ford Australia will keep its global design and engineering division beyond October's shut-down of its engine and vehicle manufacturing operations.

The report shows that Ford Australia's provisions for warranty claims was also up for the year, rising from $56.0 million in 2014 to $61.2 million last year.

The report is the first one filed using Ford Australia's new Richmond-based headquarters as the official address of the car company.

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